In Indonesia and Brazil — where governments are hoping to pursue fiscal consolidation — protests have turned violent.

In Indonesia the issue is the initial driver of protests is the removal of a fuel subsidy.

In Brazil, it's over an increase in bus fares, as well as general frustration over inequality, and the money being spent on next year's World Cup.

Both — along with other emerging markets — are experiencing slowing economies, sharply weakening currencies, rising interest rates, and generally a squeeze related to both financial and structural conditions.